United Arab Emirates, an OPEC member, eyes more oil production

Bringing new partners to the offshore sector could support the effort to boost production to 3.5 million barrels per day, the Abu Dhabi National Oil Co. said. The company, known by its acronym, ADNOC, said it was in “advanced discussions” with more than a dozen potential partners expressing an interest in offshore areas. The United Arab Emirates is strategically significant because its Fujairah port is the only export facility in the country that exists fully outside the Strait of Hormuz, the shipping chokepoint at the entrance of the Arabian Gulf. The Fujairah port is the second-largest bunkering, or maritime fueling, port in the world, behind Singapore. To meet growing demand, the port is planning to expand its storage capacity for refined products […]